Ms. Marie-France Guay reports

FIERA CAPITAL CORPORATION ANNOUNCES $65 MILLION BOUGHT DEAL OFFERING OF 8.25% SENIOR SUBORDINATED UNSECURED DEBENTURES

Fiera Capital Corp. has entered into an agreement with RBC Capital Markets, CIBC Capital Markets and Desjardins Capital Markets, as joint book runners, on behalf of a syndicate of underwriters, which also includes National Bank Financial Inc., Scotiabank, BMO Nesbitt Burns Inc., TD Securities Inc., Raymond James Ltd. and iA Private Wealth Inc. (collectively, the underwriters), whereby the underwriters have agreed to purchase $65-million aggregate principal amount of senior subordinated unsecured debentures due Dec. 31, 2026, at a price of $1,000 per debenture. Fiera Capital has also granted the underwriters an option to purchase up to an additional $9.75-million aggregate principal amount of debentures, on the same terms and conditions, exercisable in whole or in part, for a period of 30 days following closing of the offering. The offering is expected to close on or about June 29, 2023.

The debentures will bear interest at a rate of 8.25 per cent per annum, payable semi-annually in arrears on June 30 and Dec. 31 of each year, with the first interest payment on Dec. 31, 2023. The Dec. 31, 2023, interest payment will represent accrued interest from the closing of the offering, to but excluding Dec. 31, 2023. The debentures will mature on Dec. 31, 2026.

The debentures will not be redeemable before Dec. 31, 2025 (the call date), except upon the occurrence of a change of control of the company in accordance with the terms of the indenture governing the debentures. On and after the call date and prior to the maturity date, the debentures will be redeemable, in whole or in part, from time to time at the company's option, at par plus accrued and unpaid interest, if any, up to but excluding the date set for redemption. The company shall provide not more than 60 nor less than 30 days of prior notice of redemption of the debentures.

The company will have the option to satisfy its obligation to repay the principal amount of the debentures due at redemption or maturity by issuing and delivering that number of freely tradeable Class A subordinate voting shares in accordance with the terms of the indenture.

The debentures will not be convertible into Class A shares at the option of the holders at any time.

The net proceeds of this offering will be used to partially finance the redemption of the company's $110-million aggregate principal amount of 5.6 per cent senior subordinated unsecured debentures due July 31, 2024, that the company intends to effect promptly after the closing of the offering, and for general corporate purposes. The foregoing is not a redemption notice with respect to the 2024 debentures. Any redemption of the 2024 debentures will be made pursuant to a notice of redemption under the indenture governing those securities.

The debentures will be direct, senior subordinated unsecured obligations of the company, which will rank pari passu with one another and will rank (a) effectively subordinate to any existing and future secured indebtedness of the company but only (other than with respect to the senior credit facilities (as defined in the indenture)) to the extent of the value of the assets securing such secured indebtedness, (b) subordinate to the obligations under the current and future senior credit facilities (as defined in the indenture), (c) pari passu with the company's existing 2024 debentures and 6 per cent senior subordinated unsecured debentures due June 30, 2027, and, except as prescribed by law, all existing and future unsecured indebtedness (other than the senior credit facilities) that, by its terms, is not subordinated in right of payment to the debentures, including indebtedness to trade creditors, and (d) senior to all existing and future unsecured indebtedness that by its terms is subordinated in right of payment to the debentures, including any convertible unsecured subordinated debentures which may be issued by the company in the future. In addition, the debentures will be structurally subordinated to all existing and future indebtedness and other liabilities of the company's subsidiaries.

A preliminary short form prospectus will be filed with securities regulatory authorities in all provinces of Canada. The offering is subject to customary regulatory approvals, including the approval of the Toronto Stock Exchange.

Legal advisers

Legal advice is being provided to Fiera Capital by Fasken Martineau DuMoulin LLP. Legal advice is being provided to the underwriters by Norton Rose Fulbright Canada LLP.

About Fiera Capital Corp.

Fiera Capital is a leading independent asset management firm with a growing global presence and approximately $164.7-billion in assets under management as of March 31, 2023. The company delivers customized and multiasset solutions across public and private market asset classes to institutional, financial intermediary and private wealth clients across North America, Europe and key markets in Asia. Fiera Capital's depth of expertise, diversified investment platform and commitment to delivering outstanding service are core to its mission of being at the forefront of investment management science to foster sustainable prosperity for all Fiera stakeholders.

In the United States, asset management services are provided by the company's U.S. affiliates who are investment advisers that are registered with the U.S. Securities and Exchange Commission (SEC). Registration with the SEC does not imply a certain level of skill or training.

We seek Safe Harbor.